RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, markets performed poorly, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index (RLG) declined -3.27% and -3.13%, respectively and Institutional Class (RPX) declined -4.11%. Year to date, RPX has returned 26.59% compared to the SPX and the RLG’s 13.07% and 24.98% returns, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Advisors highlighted stocks like Lockheed Martin Corporation (NYSE:LMT) in the third quarter 2023 investor letter. Headquartered in Bethesda, Maryland, Lockheed Martin Corporation (NYSE:LMT) is a security and aerospace company. On November 16, 2023, Lockheed Martin Corporation (NYSE:LMT) stock closed at $445.59 per share. One-month return of Lockheed Martin Corporation (NYSE:LMT) was 0.32%, and its shares lost 6.55% of their value over the last 52 weeks. Lockheed Martin Corporation (NYSE:LMT) has a market capitalization of $110.55 billion.
RiverPark Advisors made the following comment about Lockheed Martin Corporation (NYSE:LMT) in its Q3 2023 investor letter:
“Lockheed Martin Corporation (NYSE:LMT): LMT is the world’s largest aerospace and defense contractor. With about 70% of its $66 billion in revenue from the U.S. government, the company is well positioned to benefit from U.S. defense budget growth, historically 5%-6% per year, as well as increased global military spending. With a $158 billion backlog and almost 30% of its revenue coming from building F-35 aircraft with deliveries forecast to reach 180 per year (up from 141 in 2022) in the coming years, we believe the company could grow at a higher rate than overall defense budget growth and Street expectations over the next several years. Further, strategic acquisitions, debt repayment, a 2.9% dividend yield, and continued share buybacks from more than $6 billion per year of free cash flow should lead to even greater shareholder returns. We re-initiated a small position in August.”
Lockheed Martin Corporation (NYSE:LMT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Lockheed Martin Corporation (NYSE:LMT) at the end of second quarter which was 58 in the previous quarter.
We discussed Lockheed Martin Corporation (NYSE:LMT) in another article and shared the list of best American dividend stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
